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1 Loan Services

2 Loan Services State Employees Credit Union (SECU) is dedicated to providing competitively priced loan products and services to meet members consumer-related and mortgage lending needs. Lending services are offered to members who live in North Carolina and the bordering states of Georgia, South Carolina, Tennessee and Virginia. New Vehicle Loans SECU offers fixed-rate financing for new vehicles and can finance up to 100% of the Manufacturer s Suggested Retail Price (MRSP) plus an additional 10% to cover other purchase-related expenses such as tax, tags and extended warranties. New vehicle loans are available for prior, current or upcoming model year vehicles with 10,000 miles or less. Used Vehicle Loans The Credit Union offers fixed-rate financing for used vehicles. Financing is available up to 110% of the value of the vehicle based on the NADA retail value. Auto Power Program Provides members with a blank pre-approved check valid up to a specific dollar amount for the purchase of a new or used vehicle from a licensed dealer. Car Buying Service Members looking for a new vehicle can take advantage of SECU s Car Buying Service a convenient alternative to shopping from place to place for the best car deal.

3 Guaranteed Asset Protection (GAP) GAP coverage is available on new and used vehicle loans at the time of loan origination for a low, one-time fee. If the financed vehicle is involved in a total loss insurance claim, GAP typically covers the difference between the insurance settlement amount and the outstanding loan balance. 5-Year Adjustable Rate Mortgage (ARM) SECU offers a 5-year ARM that requires no private mortgage insurance (PMI). Rate adjustments are limited to a maximum increase or decrease of 2% every five years on the anniversary date of the loan with a maximum rate change of 6% over the life of the loan. This mortgage is available for primary residences as well as second homes and rental properties. All 5-year ARMs are restricted to homes located in North Carolina, South Carolina, Virginia, Georgia and Tennessee. In conjunction with the 5-year ARM program, SECU offers financing up to 100% of the purchase price on a primary residence or to pay off existing mortgage balances plus closing costs on refinances of primary residences. Fixed Rate Mortgages Up to 100% financing is available for the purchase of a primary residence or to pay off existing mortgage balances plus closing costs on refinances of primary residences. Second homes and rental properties are eligible for SECU s fixed rate mortgage programs. PMI is not required. All fixed rate mortgages are restricted to homes located in North Carolina, South Carolina, Virginia, Georgia and Tennessee. Construction Loans For primary residences and second homes, SECU offers construction/ permanent financing that features one closing with an attorney, low closing costs and competitive rates. The home being constructed must be located in North Carolina, South Carolina, Virginia, Georgia or Tennessee. Contact a lending officer for details before beginning construction.

4 Reverse Mortgages SECU offers a reverse mortgage loan that can help members tap the equity in their home and supplement their monthly income. A reverse mortgage is a loan against a member s primary residence in which the Credit Union provides cash to the borrower in the form of a fixed monthly disbursement and/or a single lump sum disbursement. All borrowers must be at least 62 years old and use the home as their primary residence. Borrowers can use the disbursements for a variety of purposes, such as living expenses, health care expenses or home repairs. The loan amount is based on the value of the home, the life expectancy of the youngest borrower and the interest rate on the loan. Periodic loan payments are not required. Property taxes, collateral protection insurance, homeowner association fees (if applicable) and property condition remain the homeowner s responsibility and must be kept current. The loan is required to be paid when a repayment event occurs (example: death of the last surviving borrower). Reverse mortgages are restricted to homes located in North Carolina. Home Equity Line Of Credit SECU offers a home equity line of credit to borrow against the equity in a home. It is a secured, pre-approved, openend loan that can be used repeatedly for up to 15 years. Home equity lines of credit are not available for rental properties or manufactured homes. Home equity lines of credit are limited to properties located in North Carolina, South Carolina, Virginia and Georgia. Credit Cards With a competitive interest rate, SECU s Visa credit card provides secure worldwide access to funds, 24-hour cash advances (through CashPoints and Visa/PLUS ATMs) and checking overdraft protection. Loan Services

5 Personal Loans SECU offers signature loans for a variety of needs such as salary advances, overdraft protection and open-end lines of credit. Student Loans The U.S. Department of Education (USDE) is the single source for federal education loans and makes loans available to students and parents through the William D. Ford Federal Direct Loan Program. Direct Loans may be used at any in-state or out-of-state college or university that is eligible to participate in the federal loan program. More information on these loans is available at the USDE information site, studentaid.ed.gov. Additional information on the financial aid process, completion of the Free Application for Federal Student Aid (FAFSA), and other ways to pay for college is available through the College Foundation of North Carolina website, For questions regarding any of SECU s lending products, please contact your local branch or the Contact Center at , or visit

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